By Paul A. Harris
Portland, Ore., April 26 – Refresco Group NV priced a €445 million issue of Sunshine Mid BV eight-year senior notes (Caa1/B-) at par to yield 6½% on Thursday, according to market sources.
The yield printed in the middle of yield talk in the 6½% area.
Credit Suisse was the lead left global coordinator. BNP Paribas and JPMorgan were joint global coordinators. ABN Amro, Deutsche Bank, Mizuho and Rabo were joint bookrunners.
Proceeds will be used to repay the bridge facility borrowed in connection with the acquisition of 99.4% of Refresco shares by PAI Partners SAS and British Columbia Investment Management Corp., an investor consortium known as Sunshine Investments BV.
Refresco is a Netherlands-based independent bottler of beverages for retailers and A-brands.
| Issuer: | Sunshine Mid BV
|
| Amount: | €445 million
|
| Maturity: | May 15, 2026
|
| Securities: | Senior notes
|
| Joint global coordinators: | Credit Suisse (lead left), BNP Paribas and JPMorgan
|
| Joint bookrunners: | ABN Amro, Deutsche Bank, Mizuho and Rabo
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 616 bps
|
| Call protection: | Three years
|
| Trade date: | April 26
|
| Settlement date: | May 3
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6½% area
|
| Marketing: | Roadshow
|
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